On Monday, Stifel has adjusted its price target for Affimed (NASDAQ:AFMD) Therapeutics (NASDAQ:AFMD), a clinical-stage biopharmaceutical company, raising it significantly to $5.00 from the previous $1.00. The firm has decided to maintain a Hold rating on the stock.
The adjustment comes as Affimed Therapeutics provided updates on its ongoing clinical programs. The company announced that enrollment for cohorts 3 and 4 of its acimtamig+AB-101 study would start in mid-April. This timeline suggests that these patients will have a shorter follow-up period than the fully enrolled cohorts 1 and 2 when the second quarter update is provided.
The forthcoming data are expected to include results from over 12 patients at active doses. Although the durability data will be interim, the complete response (CR) rate should enable comparisons to be made with MD Anderson's acimtamig-NK.
In addition, Affimed reported another partial response (PR) in its AFM24 study, which targets EGFRwt NSCLC (non-small cell lung cancer). The current overall response rate (cORR) in this study is now 27% (4 out of 15 patients), and progression-free survival (PFS) data is anticipated to be released in the second quarter.
A planned expansion cohort involving 40 patients aims to validate these early findings with additional single-arm data. Stifel notes that further research to demonstrate the contribution of the components will be vital to strengthen investor confidence.
The revised price target of $5.00 is based on the company's cash per share following a recent stock split. Stifel reiterates its Hold rating, signaling a neutral stance on the stock's investment potential at this time.
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